SpaceX’s finances are not public because it’s a privately-held company. But The New York Times was able to review and analyze some of its internal documents. The Times found that a tax change enacted in Donald Trump’s first term allows the company to indefinitely apply nearly $3 billion of its past losses to future taxable income.

How convenient for Elon Musk, the world’s richest man who, The Times said, owns 44% of the company!

In 2021, alone, SpaceX was paid $1.7 billion via federal contracts, 76% of its total income, The Times found. It noted that SpaceX has been valued at more than $350 billion and is one of the world’s most valuable private companies.

So, how has the world’s richest man thanked the country he lived and worked in illegally, gave him citizenship anyway, then bestowed billions in contracts? Other than taking a wrecking ball to government services in the name of “efficiency,” not at all!

“SpaceX has most likely paid little to no federal income taxes since its founding in 2002 and has privately told investors that it may never have to pay any,” The Times concluded after reviewing the company’s internal documents.

Yet larger tech companies, including some who have made use of the same tax benefit, “often pay billions in federal incomes taxes,” The Times article said. It cited Microsoft as an example. It “expected to pay $14.1 billion in federal income taxes in its last fiscal year,” The Times reported.

But tell us again how poor people are the ones who most deserve to have their federal benefits cut, MAGA.